JERUSALEM -- (Business Wire)
Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) today
announced that it has entered into commitment letters relating to its
pending acquisition of Allergan’s generic pharmaceuticals business with
Bank of America Merrill Lynch, Barclays Bank PLC, BNP Paribas, Citi,
Credit Suisse, HSBC, Mizuho Bank, Morgan Stanley Senior Funding, Inc.,
RBC Capital Markets and Sumitomo Mitsui Banking Corporation.
Pursuant to the commitment letters, the lenders have committed to
provide Teva (i) up to $27,000,000,000 in loans under a senior unsecured
Bridge Loan Credit Facility and (ii) up to $6,750,000,000 in loans under
an Equity Bridge Loan Credit Facility. The commitments of the lenders
are subject to customary conditions, including the negotiation of
definitive financing agreements and other conditions as set forth in the
commitment letters.
“With this commitment, we have secured financing for our proposed
acquisition of Allergan’s generic pharmaceuticals business,” stated Eyal
Desheh, Teva’s Chief Financial Officer. “We appreciate the strong
support we received which stems from the compelling economics of this
transaction.”
About Teva
Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) is a leading
global pharmaceutical company that delivers high-quality,
patient-centric healthcare solutions to millions of patients every day.
Headquartered in Israel, Teva is the world’s largest generic medicines
producer, leveraging its portfolio of more than 1,000 molecules to
produce a wide range of generic products in nearly every therapeutic
area. In specialty medicines, Teva has a world-leading position in
innovative treatments for disorders of the central nervous system,
including pain, as well as a strong portfolio of respiratory products.
Teva integrates its generics and specialty capabilities in its global
research and development division to create new ways of addressing unmet
patient needs by combining drug development capabilities with devices,
services and technologies. Teva’s net revenues in 2014 amounted to $20.3
billion. For more information, visit www.tevapharm.com.
Safe Harbor Statement
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995, which
are based on Teva’s current beliefs and expectations and involve a
number of assumptions, known and unknown risks and uncertainties that
change over time and could cause future results, performance or
achievements to differ materially from the results, performance or
achievements expressed or implied by such forward-looking statements.
These assumptions, known and unknown risks and uncertainties include,
but are not limited to, those discussed in our Annual Report on Form
20-F for the year ended December 31, 2014 and in our other filings with
the U.S. Securities and Exchange Commission (the “SEC”), which factors
are incorporated herein by reference. Forward-looking statements are
generally identified by the words “expects,” “anticipates,” “believes,”
“intends,” “estimates,” “will,” “would,” “could,” “should,” “may,”
“plans” and similar expressions. All statements, other than statements
of historical fact, are statements that could be deemed to be
forward-looking statements, including, but not limited to, statements
about the proposed acquisition of the generics and over-the-counter
businesses of Allergan plc (“Allergan” and the businesses, the “Allergan
Generics and OTC Businesses”), the financing of the proposed
transaction, the expected future performance (including expected results
of operations and financial guidance), and Teva’s and the Allergan
Generics and OTC Businesses’ future financial condition, operating
results, strategy and plans. Important factors that could cause actual
results, performance or achievements to differ materially from the
forward-looking statements we make in this communication include, but
are not limited to: the possibility that the acquisition of the Allergan
Generics and OTC Business will not close; the effects of the
acquisition, including Teva and the Allergan Generics and OTC
Businesses’ future financial condition, operating results, strategy and
plans; uncertainties as to the timing of the transaction; the failure to
procure financing in a timely manner; the possibility that the expected
benefits of the transaction and the integration of our operations with
the Allergan Generics and OTC Businesses’ operations (including any
expected synergies) will not be fully realized by us or may take longer
to realize than expected; the ability to obtain regulatory approvals and
satisfy other conditions to the acquisition on a timely basis and the
effect of any conditions on such regulatory approvals; our ability to
comply with all covenants in our current or future indentures and credit
facilities, any violation of which, if not cured in a timely manner,
could trigger a default of other obligations under cross default
provisions; our and the Allergan Generics and OTC Businesses’ exposure
to currency fluctuations and restrictions as well as credit risks;
future results of on-going or later clinical trials for the Allergan
Generics and OTC Businesses’ product candidates; our ability to obtain
regulatory approvals and commercialize the Allergan Generics and OTC
Businesses’ product candidates following the closing and market
acceptance of such products; the effects of reforms in healthcare
regulation and pharmaceutical pricing and reimbursement; the costs and
expenses associated with Teva’s rescinded offer to acquire Mylan N.V.,
uncertainties surrounding the legislative and regulatory pathways for
the registration and approval of biotechnology-based medicines; the
impact of competition from other market participants; adverse effects of
political or economic instability, corruption, major hostilities or acts
of terrorism on our or the Allergan Generics and OTC Businesses’
significant worldwide operations; the impact on our earnings per share
resulting from the planned issuance of equity for cash to partially
finance the acquisition; and other risks, uncertainties and other
factors detailed in our Annual Report on Form 20-F for the year ended
December 31, 2014 and in our other filings with the SEC. All
forward-looking statements attributable to us or any person acting on
our behalf are expressly qualified in their entirety by this cautionary
statement. Readers are cautioned not to place undue reliance on any of
these forward-looking statements. Forward-looking statements speak only
as of the date on which they are made and we assume no obligation to
update or revise any forward-looking statement, whether as a result of
new information, future events or otherwise.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150731005701/en/
Contacts:
Teva Pharmaceutical Industries Ltd.
IR:
United States
Kevin
C. Mannix, 215-591-8912
Ran Meir, 215-591-3033
or
Israel
Tomer
Amitai, 972 (3) 926-7656
or
PR:
Israel
Iris
Beck Codner, 972 (3) 926-7687
or
United States
Denise
Bradley, 215-591-8974
Source: Teva Pharmaceutical Industries Ltd.
© 2024 Canjex Publishing Ltd. All rights reserved.